Like Deliveroo (ROO), DoorDash (DASH) disrupted Grubhub in the US. With a different approach and first-rate execution, DASH has dominated the ‘quick commerce’ market in the US. The Wolt acquisition will be transformative. Cutting through the DASH disclosure to restate the financials shows a less daunting valuation but one that is still somewhat full, in our opinion. We initiate with a ‘Neutral’ rating and a price target of US$155.
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